Chennai based True Value Homes enters residential layout biz

The funder has taken 26% stake in the SPV, said MD and CEO of the fund, K G Krishnamurthy.HDFC was looking at a five year term for exiting from the project with an IRR of 26-28%October 19, 2015, 18:00 IST

CHENNAI: In line with many big names in the realty sector, Chennai-based True Value Homes (TVH) has also ventured into residential layout development, reiterating that all is not well with apartment sales in the city as the market still remains sluggish. The developer has roped in HDFC Property Fund into the project - a 100-acre development at Mannivakkam on Tambaram-Padappai road - with an equity investment of 100 crore.

The funder has taken 26% stake in the SPV, said MD and CEO of the fund, K G Krishnamurthy. HDFC was looking at a five year term for exiting from the project with an IRR of 26-28%, said Krishnamurthy. TVH chairman N Ravichandran said the township would be developed in four phases, starting with a 25-acre plotted development in the first phase. Row houses, villas, apartments and commercial developments would follow in subsequent phases, he said. TVH acquired land over last 7 years, he added .TNN